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You mean like private executives being on the board of the Federal Reserve? Or like private banks acting as their own regulators? lol. Because that tooootally worked great up to 2008.

And who should be on the Fed board? All government employees...lol. You seriously have no idea do you? The BOG's are selected by the president and confirmed by the US senate.

Private banks do not act as their own regulators or examiners genius. This entire fucking fiasco called the mortgage crisis was brought about by our own government fucking up. They fucked up big time. They eased all regulations and loan requirements, collateral requirements, income veris, employment ceris, everything.

And who should be on the Fed board? All government employees...lol. You seriously have no idea do you? The BOG's are selected by the president and confirmed by the US senate.

Oh. I guess that somehow magically eliminates all conflict of interest.

Originally Posted by MOTO13

Private banks do not act as their own regulators or examiners genius. This entire fucking fiasco called the mortgage crisis was brought about by our own government fucking up. They fucked up big time. They eased all regulations and loan requirements, collateral requirements, income veris, employment ceris, everything.

Are you saying that this economic crisis happened because there weren't enough regulations? If so, I agree. There should be much tighter regulations, separation of investment and commercial banking, and no conflict of interest on oversight/review boards.

"I'm sorry
For all the things that I never did
For all the places I never was
For all the people I never stopped
But there was nothing I could do..."

Oh. I guess that somehow magically eliminates all conflict of interest.

Are you saying that this economic crisis happened because there weren't enough regulations? If so, I agree. There should be much tighter regulations, separation of investment and commercial banking, and no conflict of interest on oversight/review boards.

I have never known of a COI regarding the fed BOG's. Not saying it hasn't happend, but being appointed to this board is a multi year deal. Like 10-15 year appointments. This is a pretty serious position to hold.

Yes, the regulations pre-2008 (1998-2008) were a fucking joke and I can tell you this from personal experience. I built a new house in 2005. I walked into my bank and in 6 minutes I had a letter that gave me carte blanche to give my builder. Whatever I wanted, just build it. No income verif, no tax return, no checking account examination, nothing. Here ya go, go spend lots. You think anyone took advantage of the retared notion..."everyone deserves a home" bullshit? Well, everyone did and it was fully endorsed and conceived by the federal government. The moron in charge, who should be fucking shot through his little cock sucker, was Barney "blow Me Down" Frank. This worthless piece of shit did nothing to help the situation of predatory loans and people over borrowing fantasizing about appreciation and getting 5 year balloons and getting hammered because they can't flip their house suddenly for a 20% profit.

It is better now however. They have tightend things up. I just refi'd a couple months ago for the first time and had to provide much more info.

I have never known of a COI regarding the fed BOG's. Not saying it hasn't happend, but being appointed to this board is a multi year deal. Like 10-15 year appointments. This is a pretty serious position to hold.

Yes, the regulations pre-2008 (1998-2008) were a fucking joke and I can tell you this from personal experience. I built a new house in 2005. I walked into my bank and in 6 minutes I had a letter that gave me carte blanche to give my builder. Whatever I wanted, just build it. No income verif, no tax return, no checking account examination, nothing. Here ya go, go spend lots. You think anyone took advantage of the retared notion..."everyone deserves a home" bullshit? Well, everyone did and it was fully endorsed and conceived by the federal government. The moron in charge, who should be fucking shot through his little cock sucker, was Barney "blow Me Down" Frank. This worthless piece of shit did nothing to help the situation of predatory loans and people over borrowing fantasizing about appreciation and getting 5 year balloons and getting hammered because they can't flip their house suddenly for a 20% profit.

It is better now however. They have tightend things up. I just refi'd a couple months ago for the first time and had to provide much more info.

So could I sum up your position by saying, "The federal government is at fault, because they should obviously have known that the banks would take advantage of predatory lending and use it to exploit people into debt?"

"I'm sorry
For all the things that I never did
For all the places I never was
For all the people I never stopped
But there was nothing I could do..."

So could I sum up your position by saying, "The federal government is at fault, because they should obviously have known that the banks would take advantage of predatory lending and use it to exploit people into debt?"

Well, not exactly. Banks had to abide by the rules of lending as laid out if they expected to borrow money from the Fed Res and be competetive in this lending market. Intentions may have been there but the execution was horrible and yes predatory lending was rampant. People were getting loans that had no business owning a home. At the end of he day however, if you sign your name to a loan document, your ass better abide by it. The fact that millions of homeowners were totally irresponsible and stupid, is the fault of the borrower. Nobody forced anyone into signing for a loan that they could not afford. I have seen people making $70k a year building $300k+ homes. Then they take out equity loans to go on trips, buy cars and all other manner of spending. People were fucking dumb as hell and a huge part of the problem. They expected housing to appreciate endlessly. This is why so many people had 5 year balloon loans. After 5 yrs they'd sell the house for a profit and build another. Good idea until the shit hit the fan. Homes were being built everywhere. And not cheap ones either. $350,000 was a god damn starter home to some idiots. They were so deep in debt, they deserved to get hammered. Then when one of the spouses lost their job or had reduced hours or pay, they could in no way afford their castle. Combine that with the drop in property values and suddenly, people who were in homes 4 years old were totally upside down by 30-40% of value. They couldn't even sell the house for close to what they owed. Classic over spending and housing speculation.

Are you saying that this economic crisis happened because there weren't enough regulations?

Awesome.

Originally Posted by Static_Martyr

So could I sum up your position by saying, "The federal government is at fault, because they should obviously have known that the banks would take advantage of predatory lending and use it to exploit people into debt?"

More awesome.

Originally Posted by MOTO13

Last time I checked, I never saw CEO's butchering people in order to retain the power of a company.

Look, you already admitted that you're utterly US-centric and are in fact proud of your ignorance regarding the actual world we live in when I tried to give you examples of very famous, very high-ranking politicians currently being prosecuted. But now you go on and on about dictators butchering people? I thought you only wanted to talk about the US? Because that's not actually happening in the US. You know that, right?

“Today a young man on acid realized that all matter is merely energy condensed to a slow vibration, that we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.” – Bill Hicks

I thought you only wanted to talk about the US? Because that's not actually happening in the US. You know that, right?

It's called an analogy. I guess my point was a bit broad based for you. Next time I'll try to slow down fer ya. I don't have the time to reply to every post my friend. Sorry if you were disappointed. I have slushies to make and customers that need smokes. I'm a busy guy.

Actually the difficulty arises from your tendency to oscillate wildly between the most narrow of narrow-minded focus and then, suddenly, the broadest ill-defined spectrum possible depending on what you believe supports your delusions at any given moment and with no regard for your own prior statements.

“Today a young man on acid realized that all matter is merely energy condensed to a slow vibration, that we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.” – Bill Hicks